Lending Plummets, but Home Builders Are Unfazed

Higher interest rates continue to eat into the mortgage lending business, according to the latest figures, but the housing industry seems undaunted.

The Mortgage Bankers Association reported Wednesday that mortgage applications fell last week and refinancing stayed at its lowest level in almost two years. The overall application index fell 13.2%, to 310.5, and the index of mortgages for home purchases dropped 13.8%, to 274.1.